Enrile to PCGG: Good luck on appeal in Danding case

Posted at 04/14/2011 3:08 PM | Updated as of 04/14/2011 9:27 PM

MANILA, Philippines - "Good luck."

Senate President Juan Ponce Enrile had this to say Thursday to the Presidential Commission Good Government (PCGG), which plans to appeal the Supreme Court's decision affirming that businessman Eduardo "Danding" Cojuangco is the legitimate owner of a 20% share in San Miguel Corporation.

"I will tell them, 'Good luck,'" said Enrile, who was one of the respondents in the case the PCGG filed against Cojuangco.

Enrile, who used to head the United Coconut Planters Bank (UCPB), said he can personally attest to Cojuangco's claim that the money he used to buy shares in San Miguel were not stolen from the coco levy fund for farmers.

Enrile recalled that when he was an assemblyman, businessman Enriquito Zobel told him he wanted to sell his 20% stake in the company.

Enrile then informed Cojuangco about it.

"The 20% was bought by Danding and they borrowed money from the UCPB," he told reporters in a news forum on Thursday.

Enrile said even if the money indeed came from the trust fund, there's no way of knowing it.

"Where that money came from, I do not know. A bank, when it lends money, does not identify the money used for lending. There's no earmark for money. They're co-mingled," he said.

"What's the beef if Danding was paying for those shares to the UCPB to discharge or retire his borrowings? How can you say that he's not the owner?" Enrile added. "If he paid the loan, hindi naman niya ninakaw 'yon. Inutang niya sa trust fund yung pera and he paid for it."